Russia Palladium Reserve Nearly Gone: Johnson Matthey

Bloomberg reported that palladium reserves in Russia, which is the largest producer of the metal in the world, are almost gone according to Johnson Matthey Plc’s general manager of research, Peter Duncan.

As quoted in the market news:

Russian inventory sales dropped 68 percent to 250,000 ounces last year from 775,000 ounces in 2011, according to Johnson Matthey. Sales from state stockpiles are expected to range from “zero to several tons” in 2013, Anton Berlin, deputy chief of ZAO Normetimpex, OAO GMK Norilsk Nickel’s sales arm, told RBC TV yesterday.